⚠️ WARNING! Before Listing Your Home, Read This:

ARE YOU SURE YOU WANT TO SELL YOUR HOME?

Know your options to avoid these home seller’s mistakes. Do you know the current market conditions and how they might impact your move? When it comes to real estate, it’s essential to assume nothing. 

Exit Plan

Many homeowners overlook critical considerations before listing their homes for sale. One often neglected aspect is ensuring you have a solid exit plan. You must find a new property. As I’ve learned from personal experience, sellers may find themselves in a bind. What if you’re unable to secure alternative housing after selling? Buyers have contingencies in place to protect their interests. Sellers do not have the same luxury.

Worst Nightmare

I now know why people become homeless. I sold my home and had not been well enough to search for a new one. I planned to put stuff into storage and move into a temporary home. The movers cost three times as much as my former move— across the county. I planned to put my things in a nearby overpriced storage facility. I won’t go into more sad details. My warning to you: this decision cost me over $50,000 in equity. The mental trauma is un-pricable.

Help!

Here’s a crucial tip to safeguard yourself. Add a contingency clause in your sales contract (Purchase Agreement from the buyer). Stipulate that “the sale is contingent upon seller finding suitable housing.” This simple sentence could spare you from potential hardships down the road.

But that’s the beginning. There are other factors to consider before deciding to sell your home.

New Mortgage?

Have you consulted with a lender to ensure you qualify for another mortgage? I believed I could get a reverse mortgage using all my equity for a down payment. No! I needed more monthly income from a reliable source.

Lending laws changed. Even if you have great credit and a big down payment, make sure you can get a new loan. The lender informed me that I qualified but denied the mortgage in underwriting.

Before agreeing to sell your home, take the time to educate yourself. Consult with professionals, and weigh all your options. Selling a home is a significant financial and emotional decision. Well-informed sellers and a knowledgeable honest listing agent make all the difference. Ensure a smooth and successful transaction.

Remember: When it comes to real estate, assume nothing and leave no stone unturned. Don’t make seller’s mistakes.